Shareholders of Total Energies approve N8.49bn dividend payout for 2022 financial year


By Philemon Adedeji

Shareholders of TotalEnergies Marketing Nigeria plc have unanimously approved N8.49 billion dividend payout for 2022 financial year, translating to N25.00 per ordinary share, the approval was made at the company’s 45th Annual General Meeting (AGM) held in Lagos on Thursday also approved all resolutions.

The shareholders of the company encourage the board of Management for a commendable results such that the company turnover increased stronger by 41 per cent, they also congratulate Mrs. Bunmi Popoola- Mordi for being appointed as the Executive Director of the company which effective from 1st April, 2023, they wish her fruitful tenure in the office.

Despite inflationary pressure, in 2022 financial year, the company increased her turnover by 41 per cent from N341 billion in 2021 to N482 billion in 2022. However, due to rising costs Profit After Tax decreased by 4.00 per cent from N16.8 billion to N16.1 billion.

Speaking at the AGM, the Chairman of Totalenergies Marketing Nigeria plc, Mr. Jean-Phillipe Torres said, “in 2022 financial year, the environment was replete with incidents of insecurity, gunmen attacked the Kaduna airport, an Abuja-Kaduna train was attacked in Katari, Kaduna State leaving some passengers dead, an explosive device suspected to be a bomb was detonated at the Okehi Local Government secretariat, Kogi State resulting in multiple fatalities, gunmen attacked a Catholic church in Owo Ondo state Killing many worshippers and leaving several others injured. Several worshippers were killed in a mosque in Zamfara State, continued tension in the South East over the activities of the indigenous people of Biafra (IPOB), insurgency and banditry across the nation. Insecurity remain a huge challenge in the country.

“The country also experienced an outbreak of Lassa fever, with the National Centre for Disease Control and Prevention reporting no less than 189 deaths out of 1,067 confirmed cases in 112 Local Government Areas in 27 Federation. There were also sporadic cases of monkey pox. In the third and fourth quarters of the year the impact of severe floods was greatly felt across the country.

The negative effect of inflation has been far-reaching, as we saw prices rise exponentially across food, goods and services. Inflation Surged dramatically month on month. By December, inflation had risen to 21.34 per cent year-on-year and the consumer Price Index (CPI) had increased to 18.85 per cent year-on-year. The Naira continued on a downward spiral.

“The Russia Ukraine war which began in February 2022 had reaching implications well beyond security, the borders of the two countries and several continents. Nigeria was not exempted from the impact of the war as there were significant increases in wheat and energy prices in the country. The price of bread and some other wheat-related products increased by as much as 100 per cent. Coupled with supply chain challenges AGO opened the year at N350 per litre and close at N850. On the local aviation market we saw air fares double in response to inflation and rising costs of aviation fuel.”

He concluded by using the opportunity to reiterate shareholders Company’s ambition to become the responsible energy major and a world class player in sustainable energy, this what we will continue to focus our efforts.

“I thanked you all for your presence at this Annual General Meeting and for your unalloyed support and cooperation given to the Board and Management.”